Deloitte announce redundancies at Powa Technologies
Big Four firm says it will "continue to search for a buyer for all or parts of the business"
Big Four firm says it will "continue to search for a buyer for all or parts of the business"
DELOITTE – administrators to Powa Technologies Group – has announced that 74 people from the beleaguered company’s UK head office have been made redundant.
The Big Four firm – which was appointed as joint administrators last month – said that it would “continue to search for a buyer for all or parts of the business”, but “regrettably it has not been possible to continue running the company at its current capacity”.
Problems at the mobile payments firm came to a head in January when reports emerged that it wasn’t able to pay all its staff when new funding streams could not be agreed.
Shortly after, on February 17, its biggest investor, Wellington Management, called in its outstanding loans and Deloitte were appointed.
Now, lawyers acting for the administrators have asked ex-Powa employees to avoid sharing any intellectual property with its former management, the Financial Times, reports.
Rob Harding, joint administrator and partner in Deloitte’s restructuring services arm, said that there is still “real interest in the business”.
“We are talking to a number of potential buyers and looking to implement a sale as soon as possible. We are working closely with existing management, and keeping staff and other key stakeholders informed of these fast-moving developments.”
Deloitte were appointed as administrators to Powa Technologies Limited on 22 February 2016.
The wider Powa company employed around 300 staff globally.
More about:
The numbers you crunch tell a story. Your expertis...
9yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleBounce Bank Loan Scheme fraud of particular interest Read More...
View articleCompanies will have more trouble raising funds with floating charges as HMRC’s preferential status puts off lenders Read More...
View articleLarge corporations are relying on late payments and governments must better understand the scale of the problem, says Duncan Swift, new president of R...
View articleThe retailer’s recent announcement that they are looking into closing up to 50 of their stores has sparked fresh discussion about the future of bricks...
View articleObservations on the government consultation response of 26 August 2018 by Chris Laughton, a corporate advisory partner at Mercer & Hole Read More...
View articleWhat impact will Brexit have on current insolvency legislation, the UK insolvency sector and cross-border insolvency proceedings? Read More...
View articleMaplin has appointed PwC partners as joint administrators while Toys R Us has selected Moorfields Read More...
View article